Geregu Power gains 15%, as brokers trade N2.6bn of its shares in two days
Geregu Power Plc posted a 15 percent gain in two days. Its share price moved from N1,000 as of the start of trading on September 17 to close at N1,150 at the close of trading on September 18.
Within those two days, about N2.6 billion worth of the stock’s shares were traded in the Nigerian Exchange, with about 2.48 million shares traded within the period.
At the close of trading on September 18, Geregu Power closed with a market capitalization of N2.875 trillion, making it the sixth most capitalised stock on the NGX, ahead of Transcorp Power, and just behind BUA Cement.
Before the start of the bullish ride on September 17, Geregu Power witnessed minimal market activity, with its share price remaining unchanged since March 4, 2024. In 2024, the stock advanced by about 188 percent, as it started the year with a share price of N399.
Gains posted by Geregu contributed to the 0.79 percent gain recorded in the NGX between September 17 and 18, as the All-Share Index (ASI) closed at 98,230.92 on September 18, the highest ASI since August 9.
The gains recorded in the market during the days under review were driven by some of the weighted stocks such as FBN Holdings which appreciated by 16.9 percent, in continuation of its bullish rally since the offloading of FBN Quest.
With a market cap of N1.22 trillion, FBN Holdings is now the second most capitalised banking stock on the NGX, overtaking Zenith Bank. Honeywell Flour Mills is also on a bullish run, with its share price appreciating by 20.76 percent in those two days to close September 18 with a share price of N5.41, its highest since January 23.
Since listing on the NGX in October 2022, Geregu Power has appreciated by 945.45 percent, with its market cap appreciating from N275 billion to N2.875 trillion currently. The stock crossed the N1 trillion market cap level on January 15, with its market cap hitting N1.073 trillion at the close of trading that day.
The stock continued a gradual ascent with its share price hitting N1000 on March 4, making it the third most expensive share price in the NGX, behind Seplat Energy and Airtel Africa.
In 2024, the company’s major shareholder, Femi Otedola, through his investment vehicle Amperion Power, sold approximately N9.28 billion worth of Geregu Power shares in cross deals.
